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China’s biggest financial technology group had been set to raise $37b in the world’s largest IPO before Beijing’s intervention this month. Now China watchers are looking at what the far-reaching ripple effects will be of the unanticipated policy move — and its future victims and beneficiaries.
It is easy to reach the pessimistic conclusion that Beijing is signalling its determination to “turn the clock back”, said one prominent Hong Kong-based fintech investor who is close to Alibaba. “Beijing is worried about social stability, and because it doesn’t understand how to regulate these firms, it just decided to close them down. Everyone today is wary. Nobody wants to touch consumer finance and [small and medium-sized enterprise] lending.”
https://www.ft.com/content/bf4ff599-419b-47f9-ae92-131702700b79
